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Daily Insurance Industry News
Friday 19th of October 2018
October 18, 2010

Beazley determined on Hardy Underwriting bid

by Gill Montia

Story link: Beazley determined on Hardy Underwriting bid

Beazley plc has announced that on 6th October, it made a bid for Hardy Underwriting Bermuda.

The offer of 300p per share has since been rejected but Beazley believes the two companies are “highly compatible”, both having “well-regarded underwriting teams, renowned track records of profitability and a shared objective to develop a diverse speciality insurance franchise”.

The Lloyd’s insurer therefore remains “committed to establishing a constructive dialogue with Hardy’s board and shareholders with the intention of agreeing a recommended transaction”.

The group intends to fund its proposed acquisition from existing internal resources, having reported net profits of $115.5 million in the first half of 2010, up almost fourfold from $30.1 million a year earlier.

In related news, Hardy Underwriting Bermuda has recently announced that it is opening an office in Singapore.

The specialist insurer and reinsurer is establishing Hardy Underwriting Asia Pte Ltd within the Lloyd’s Asia platform “in recognition of the growing significance of Asia Pacific economies” and the tendency for local insurance and reinsurance markets to retain increasing amounts of risk.

 

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